Before Coming to SIDREC

What is the process to file a claim?

One of the pre-conditions for filing a claim with SIDREC is that an investor must have first filed a complaint against the relevant SIDREC Member through its internal dispute resolution process. Following this:

(i) Where the SIDREC Member has attempted to resolve the complaint and the investor is not satisfied with the final reply of the SIDREC Member on the complaint, the investor may file a claim with SIDREC within 180 days from the date of receipt of the Member’s final reply on their complaint; or

(ii) Where the SIDREC Member has not resolved the complaint through its internal dispute resolution process within 90 days after receipt of the complaint, the investor may file the claim with SIDREC.

In filing your claim, you may download a copy of the Dispute/Claim Form.

Do I need complete documentation before coming to SIDREC?

It would be helpful if you have complete documentation, but you may still come to SIDREC for consultation and submit your documents later. You are advised to submit promptly any documentation that will help support your claim upon request by SIDREC as SIDREC’s process is meant to be speedy.

Do I need a lawyer to help with my complaint to SIDREC?

No, you do not need the services of a lawyer to file a complaint with SIDREC or for any part of SIDREC’s dispute resolution process. SIDREC’s case managers will assist you through the process and the mediator/adjudicator will facilitate to ensure a fair process is adhered to. Parties are free to seek advice from their lawyers. However, there are limitations to lawyers participating in SIDREC’s dispute resolution process as stated below:

1. Mandatory Scheme (Part A of SIDREC’s TOR)

• Neither party is allowed to bring in their lawyer or be represented by their lawyer in SIDREC’s dispute resolution process.
• Many claimants under this category are not able to afford lawyers and SIDREC provides investors with the avenue to free expert help to resolve their disputes.
• However, SIDREC is not able to provide legal advice and understand that you may feel the need for lawyers. Parties are free to seek the advice of their lawyers to assist or support them. The lawyers, however, will not be able to participate in the dispute resolution process.

2. Voluntary Scheme (Part B & C of SIDREC’s TOR)
Claims exceeding RM250,000 (Part B of SIDREC’s TOR) and court-referred mediation (Part C of SIDREC’s TOR)

• For claims exceeding RM250,000: If the claimant has applied to SIDREC for their lawyer to be present, the Member may also bring their lawyer to the meeting or hearing.
• For court-referred mediation: Lawyers for both parties are permitted to participate in the process.

Any person given permission by SIDREC to attend the meeting or hearing must abide by the SIDREC’s TOR and the spirit of SIDREC’s dispute resolution process. Where the mediator or adjudicator are of the view that a person is in any way undermining the process, the mediator or adjudicator may exclude such person from the said meeting or hearing.